Sales Prices On the RISE!

Check out this latest news! According to the Bratton report this month, median sales prices have increased approximately 4% annually since 1997 until now. Despite the ups and downs in the market over the past few years, the average median sales price has continued to rise. We are now looking at a healthy and growing market!

Median Sales Prices

Posted on August 13, 2013 at 2:15 pm
Dempsey and Phelps | Category: Home Sales, Local News, Real Estate | Tagged , , , , , , ,

Bidding Wars

Many buyers are now competing for the same house.  Todays bidding wars, unlike those in the past, reflect a supply shortage.  Caused by tight inventory, this is the latest evidence that housing demand is starting to increase after a six year slump.  the National Association of Realtors reported in late April that the index that measures the number of contracts signed to buy previously owned homes went up in March to the highest level in two years.

A balanced supply of homes is reflected in a 6 month inventory.  This means that it would take 6 months to sell all the homes on the market at any given time.  The current supply of inventory for homes in Bend, under $200,000, is two weeks.

Posted on May 9, 2012 at 11:37 am
Dempsey and Phelps | Category: Buying a Home, Home Sales, Local News, Real Estate, Second Homes

Say Goodbye to the Low-ball Offer

low-ball effect

In 2011, 10% of realtors spent time negotiating low-ball offers on listed homes — offers usually submitted by the buyer

for 25% or more below the list price (according to a National Association of REALTORS® survey of its members). In 2012- that number has dropped drastically.  According to a survey this March of 4,500 agents and brokers, not one realtor has experienced a negotiation with low-ball offers.

We are experiencing that low ball offers no longer are a way to go.  In fact, single family residences sold in Bend in the last three months sold at 99% of asking price.  And we are experiencing multiple offers on properties that are priced to market. The issue is that inventory is low and buyers are buying.

For home buyers who still think they have a chance of hitting it lucky with a low-ball offer, they’re finding in many markets that their offers are more often being rejected or countered closer to the original asking price. So get ready, as the trend to a sellers market is returning.

 

Posted on May 4, 2012 at 9:28 am
Dempsey and Phelps | Category: Buying a Home, Home Sales, Local News, Real Estate | Tagged , , ,

New Housing Permits Up In Bend

Construction works at a prefabricated house (l...

Construction works at a prefabricated house (light-frame construction) Deutsch: Montage eines Fertighauses (Holzrahmenbauweise) (Photo credit: Wikipedia)

“According to city records,  the city of Bend has issued 89 building permits in the first quarter of the year for new,  single family homes.   This is the highest rate for a first quarter in the last 5 years, sparking optimism for a robust summer season in the housing construction and real estate industries.

This is an 89 percent increase over last year, when 47 permits were issued in the first quarter.  If the pace continues, it could indicate that the region is headed in the right direction for a housing recovery.”  Oregon Legal Journal, By Lori Gleichman, April 19, 2012

Looks like we are shifting into a sellers market.  Is it time to list?

Posted on April 30, 2012 at 1:56 pm
Dempsey and Phelps | Category: Buying a Home, Home Sales, Local News, Real Estate, Uncategorized

Consider This, Before You Buy

This is the best time to buy a home in recent history.  Homes valued at 1/3 of what they were a few years ago and all time low interest rates have created a big opportunity.  But before you buy be sure it is the right time for you.  These ten tips are worth considering before you purchase.

If you can’t stay put, don’t buy

If you can’t commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner.

Check your credit report, with a fine tooth comb

Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. Before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any discrepancies you discover.

Purchase within your budget

The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you’ll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.

If you can’t put down the usual 20 percent, you may still qualify for a loan

There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase price.

A good school district does make a difference

When it comes time to sell, you’ll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values. So even if you don’t have your own children, this is a factor to greatly consider.

Get professional help

Even though the internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. The team of Rinehart, Dempsey & Phelps have your interests at heart and can help you with strategies during the entire house hunting/bidding/purchasing process.

Choose carefully between points and rate

When picking a mortgage, you usually have the option of paying additional points — a portion of the interest that you pay at closing — in exchange for a lower interest rate. If you stay in the house for a long time — say three to five years or more — it’s usually a better deal to take the points. The lower interest rate will save you more in the long run.

Get pre-approved before you start looking

Getting pre-approved will you save yourself the grief of looking at houses you can’t afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.

Do your homework before bidding

Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that’s about eight to 10 percent lower than what the seller is asking.

A home inspection is a must

Sure, your lender will require a home appraisal anyway. But t

hat’s just the bank’s way of determining whether the house is worth the price you’ve agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.

Posted on April 5, 2012 at 7:19 am
Dempsey and Phelps | Category: Buying a Home, Home Sales, Local News, Real Estate, Second Homes, Uncategorized | Tagged , , , , , , , ,

Pending Home Sale Rise

Pending home sales are on an upward trend, which has been uneven but meaningful since reaching a cyclical low last April.

Headed into the spring buying season, experts say the trend in contract activity implies we are on track for a more meaningful sales gain this year. With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth. Job gains, high affordability and rising rents are hopefully pushing the market into what appears to be a sustained housing recovery.

Here in Bend we have less than a one month supply of homes that are priceed $300,000 and under.  However this has not translated into increased sales prices, yet.  Near record low interest rates makes it a good time to buy.

Posted on March 12, 2012 at 8:17 am
Dempsey and Phelps | Category: Buying a Home, Home Sales, Local News, Real Estate, Uncategorized

Buyer’s Market or Seller’s Market?

English: Bend, Oregon seen looking west from P...

Image via Wikipedia

The traditional definition of a balanced market is when there is a 6 month of supply of housing inventory.  Less than 6 months represents a Seller’s market and more than 6 months, a Buyer’s market.

Our supply of homes has been dropping every month since July 2011. The month of July, 2011 began with approximately 640 homes which was the highest available all year.  Roughly 114 homes sold in July, which represented 5.6 months of supply. By January 1, 2012 there were only 456 homes available in Bend and 228 were sold, which calculated to a 2 month supply.  Under $300,000, there is less than one month supply of inventory.  Consequently, there are multiple offers and disappointed buyers.  However, this hasn’t translated into increased sale prices, as of yet.  In fact, average sale price has been running pretty flat for several months. We believe the prices haven’t increased as we still have quite a few distressed properties that are holding prices down.  In fact, there is good news on that front too, as Notices of Default (the first step towards a foreclosure) are down considerably with only 95 recorded in January, the lowest single month since January 2008.

This information coupled with near record low interest makes it a good time to buy and a good time to sell.

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Posted on March 5, 2012 at 8:11 am
Dempsey and Phelps | Category: Acreage, Buying a Home, Home Sales, Local News, Ranch Property, Real Estate, Second Homes, Uncategorized

The Mortgage Settlement, and What You Need to Know

English: An icon from the Crystal icon theme. ...

Image via Wikipedia

After reading the article below provided by the National Association of Realtors, we aren’t convinced that government intervention is the solution to the housing situation. It will be interesting to see how this plays out.  Does this make good sense for the overall the public or is it an election year play?

A settlement announced this week among state and federal officials and the nation’s five largest banks is the largest joint state-federal settlement in history against an industry. The settlement, which amounts to somewhere between $25 billion and $26 billion, is aimed at fixing some of the mortgage abuses over the last few years that caused people to lose their home.

Home owners underwater on their house or struggling to make payments may have something to gain from the deal. Home owners who are eligible for payments or principal write-downs on their mortgage from the settlement will be notified by mail within the next nine months.

In the settlement, banks have agreed to write off a sum of the mortgage principal in select cases where home owners are struggling to make payments. Home owners will then be able to refinance and lower their monthly payments. Underwater borrowers also may receive aid, such as being able to refinance so they also can lower their monthly payments.

To read the full article, click here

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Posted on February 14, 2012 at 7:45 am
Dempsey and Phelps | Category: Buying a Home, Home Sales, Local News, Real Estate, Uncategorized

Lifestyle vs Location

Drake Park in early Autumn.

Image via Wikipedia

When selling a home, the thought was always “location, location, location’. As the market changes so has the focus- lifestyle options are now a priority for buyers and how the surrounding community can affect their decision to buy or not to buy.
Often sellers focus predominantly on their home and the upgrades and amenities. While those features are very important, remember that practically any home can be remodeled. If you’re in an excellent location with easy freeway access, on a low traffic street in a friendly neighborhood, surrounded by retail stores and hot dining spots, it’s time to play it up. Those features aren’t always easy to find.

Of course, here in Bend it’s a quick drive to so many amazing things it’s no wonder we see Bend listed as the 2nd best housing market for the next 5 years!

Posted on August 10, 2011 at 7:48 am
Dempsey and Phelps | Category: Home Sales, Local News, Real Estate, Second Homes, Uncategorized, Vacation Homes | Tagged , , , ,

Live and work in Bend, Oregon

Mount Bachelor

Image by klachak via Flickr

Bend Oregon is the greatest community for those who enjoy year-round outdoor activities and still want the amenities of a more metropolitan community. In addition to year-round residents, Bend is a go-to place for those looking for a great place for a vacation home or second-home. This is because folks know after one visit to Bend they need nearly a lifetime to partake of all its recreational opportunities.

Bend is the portal to all of central Oregon’s outdoor recreation activities.

The Deschutes River is famous for its amazing triple waterfalls that thrill kayakers and rafters when they shoot through the river’s triple waterfalls. Along with the Deschutes River there are the Methodius and Crooked rivers. These three rivers, fed by 500 miles of tributaries are stocked with salmon and steelhead trout. Truly, this area is a fly fisher’s dream.

If you like your outdoor activities a bit drier, you should try all the 20 high-rated golf courses in the area. Each offers a different challenge to your golf skill.

Perhaps off-road biking is your sport. Bend and its environs have trails that cover all terrains, primal forests, desert, lava fields or high mountain tops.

In the winter months there are over 3600 acres of skiing areas available, 1600 acres get groomed daily. To get to the slopes you take one of the ten lifts at Mt. Bachelor, six of which are high-speed.

If you prefer to let a machine do the hard work the Deschutes National Forest has 500 miles of snowmobile trails, all of which are well-groomed.

There are many other activities, including: hiking, bicycling, rock climbing and camping. But, don’t forget those city amenities.

Bend has excellent restaurants and fun clubs. The are also up-scale shops in the city’s Historic District as well a countless galleries. No one is ever bored in Bend, Oregon.

Buyer and sellers of primary homes, second homes, vacation homes, ranches and acreage please contact us today at 541-946-3371 to see how our firm The Rinehart, Dempsey, Phelps Group can help you.

 

Posted on June 24, 2011 at 8:00 am
Dempsey and Phelps | Category: Local News | Tagged